Collision Insurance with Motorcycles

[babuski]

Just bought a brand new Black and Grey 03 Busa (thanks to the posters on this site for helping me choose between the 02 special edition and the 03--did not want starter gear hassles so I went with 03)

Question on collision insurance with motorcycles...its been awhile. And this may sound stupid but.....do many folks get collision insurance these days with motorcycles? In the old days when I rode with my Norton 750 buddies, few had collision insurance, figuring they wouldn't be able to collect on it should they have a "collision" ....

any thoughts on this morbid topic?

P.S. the bike would have plenty of comprehensive (theft, fire, etc) ....wouldn't think of going without that.

 

[phesby]

I was pondering whether or not to get collision coverage also, but according to Progressive I couldn't get comprehensive without collision (at least in MN).  Email text from Progressive follows:

Dear Paul,

Thank you for contacting Progressive.

Comprehensive provides coverage for your vehicle for damage not related to a collision but to events such as hail, theft, fire, wind, flood, vandalism or impact with an animal.  Collision provides coverage for your vehicle in the event it collides with another vehicle, the ground or object, other than an animal.  Motorcycles that tip over would also be protected under this coverage.

Whether or not the motorcycle is in motion has nothing to do with the coverage activated.

Progressive does not offer Comprehensive coverage without Collision coverage for personal motorcycle policies in the state of Minnesota.

If we may be of further assistance, please contact us at webmaster@progressive.com.

Sincerely,

Neil Mitro
Progressive Internet Service Specialist

 

[babuski]

Phesby....thanks for the input....Its probably the same in IL.
Strange...but the collision doubles the amount of the policy which is weird because the cost of cycles is cheap relative to cars and trucks.

 

[mikeyusf]

I have state farm, and I have full coverage including collision and theft. You're talking about a $11,000 motorcycle, I would full coverage that motorcycle in a HEARTBEAT

Want a good example why? 1) I was selling my 2000 GSXR750 without insurance when this piece of dogsh*t neighbor named Demetric Solomon came over, told me he was interested in buying my motorcycle, took it out and totalled it. He was in the process of declaring bankruptcy, and there was nothing I could do. That decision to let me him ride the motorcycle and not insure it cost me $8000

2) with full coverage, you're not scared to ride the motorcycle. If you total it, and yes, about 80 percent of the wrecks total a motorcycle, you're out the ENTIRE amount of your bike! You'll be paying the loan off on a wrecked motorcycle for 3 or 4 years!

Full coverage, full coverage. If $130 a month is too much, how bout $11,000?

Get every ounce of insurance you can buy on your bike. Use state farm, best rates I've seen for busa. I pay $32 a month for collision, uninsured motorists, theft, etc..

Mike

 

[a_dawg]

yeah, I agree with Mike, state farm has good rates, they quoted me 35.00. Only problem is that I had a uninsured motorist claim from another agent I had in the past. It was for damages I received when an idiot driver pussed me off the road, even though it wasn't my fault, when state farm found out they canceled my new policy

 

[Odyssey]

progressive quoted me last year for full coverage on a hayabusa for ~$11600 you can imagine the look on my face, i check again this year and it was 6800 dollars. When i get the bike I will be 20 so maybe it will be down to ~1000, lol

I have yet to talk with state farm, they are very picky and offer low rates, but most of the time they wont insure someone unless it includes their cars, house, etc, etc. I cant remember who, but someone said they also wanted to insure someones wife who cant even ride the motorcycle.

 

[babuski]

a_dawg
mikeyusf
odyssey

Thanks for your valuable insights.....comprehensive and collision it is... don't want to ride the bike "scared". Not a good idea on a busa.

although if I total the bike, I'd hate to think what I'm going to look like. As for mikeyusf's experience with the neighbor....I can relate.... a guy screwed up my 1971 Norton 750 commando once. Damages were about $300...a lot for a 17 year old. I told him that he either gives me $300 in 24 hours or I'd make oatmeal out of his testes. Got the money in 4 hours (all that kickboxing I had must have scared him!!!)

again guys....thanks my 03 busa is in a crate now waiting for set up. Weather still sucks in chicago!!!

 

[a_dawg]

babuski, I feel ya on the Chicago weather, I was there 2 weeks ago and thought I was at the north pole. Hey, to get a loerw price on the insurance you could use the "oatmeal out his testes" line, I am 10 hours from you and it had me worried.

LOL

 

[Revlis]

I totally agree with everyone in regards to insurance, I equate it to peace of mind. I insure the mess out of everything I ride/drive. It may well be a waste of money in the long run if there is never an accident but man, I sleep like a baby and ride/drive without worry. When I have 10-15K just chilling in checking I will probably change my POV. After all why insure it if you can pay cash for it, Comprehensive anyway.
Side note, I called Progressive to insure my brand new Busa, they quoted me over $3700 a year for full coverage. I am over thirty, clean driving record, MSF courses, roughly twenty years riding. They must be kidding, Guy got pissed cause I was laughing at him. I found insurance through USAA for $430 every six months. Not great but not too bad...I Think I might try State Farm though.

Laters

 

[Doc_Busa]

I was pondering whether or not to get collision coverage also, but according to Progressive I couldn't get comprehensive without collision (at least in MN).  Email text from Progressive follows:

Dear Paul,

Thank you for contacting Progressive.

Comprehensive provides coverage for your vehicle for damage not related to a collision but to events such as hail, theft, fire, wind, flood, vandalism or impact with an animal.  Collision provides coverage for your vehicle in the event it collides with another vehicle, the ground or object, other than an animal.  Motorcycles that tip over would also be protected under this coverage.

Whether or not the motorcycle is in motion has nothing to do with the coverage activated.

Progressive does not offer Comprehensive coverage without Collision coverage for personal motorcycle policies in the state of Minnesota.

If we may be of further assistance, please contact us at webmaster@progressive.com.

Sincerely,

Neil Mitro
Progressive Internet Service Specialist

I do NOT carry full coverage on my Busa(s). I do carry comprehensive, which is coincidentally with Progressive. It saves me about $1300/year. The way I figure it, if I totaled the bike, they would probably not give me more than $7500. Even totaled, I could probably part it out on Ebay for $4000-5000 (maybe more). The engines can bring $3k! If it is so devastated that I can not sell any parts, I doubt I will need to worry about it anyway... I would rather save that $1300/year insurance money for accessories....

 

[babuski]

a_dawg.....its a matter of timing. Yesterday we had 6 inches
of snow and 25 degrees. 6 days earlier it was in the 70s.
Frustrating.

Revlis......$3700 per year? Wow, progressive quoted me
about $600 per year (I am in my 40s with lots of experience).

What were your deductibles? Did you get riders coverage too?
does your busa have lots of expensive extras? Can't imagine
why its so different...how is your driving record?

 

[mikeyusf]

state farm is a great insurance company. considering the rates they give us busa riders, it's worth changing the car and house to them to get the lower bike rate. From geico, here was my rate-

Car- $1400 a year
Bike- $2300 a year
House (state farm)- $550


Total- $4250

Everything with State Farm-

House- $550 a year
Car- $500 a year
Bike- $390 a year

Total- $1440


Savings- $2810 a year

Not bad for 5 hours of my time, state farm ROCKS

Mike

 

[dezzy7]

One thing I think you should ask "does the policy cover REPLACEMENT COST for the bike. When I renew my insurance this year I going to give them a copy of all my reciepts for upgrades and mods. So that if anything happens I can be reimbursed for the ENTIRE replacement cost. At this point even if they gave me the MSRP on an insurance claim I'ld still be at least 5k in the hole.

 

[k5fan]

I have just about done everything to lower the insurance and it is not happening.  My age, 21, is really screwing me over no matter the deductibles or what I take off.  I sure do wish you could take off collision.  If you find a cheap way let me know.  Best of luck.

 

[Orion]

I'm with Doc on this one. I don’t carry full coverage either. I bought my pristine 01 for 6500 cash and if I munch, I will be using the money I would have paid for insurance to fix the bike. I am just that much more careful and if I happen to go down I will just have to pay the piper. I have cash lying around in case anything happens. I keep my bike in the garage and use 2 disclocks when I am out.

 

[dnolder]

I live in Western NY and I have progressive, with $500 deductible on comp my rate is $368 a year if I added Collission it would be over $1500. I said forget collision( by the way I'm 51 with no accidents or tickets on my license.

 

[paistes5]

Went to State Farm as well. Decided on comprehensive, no collision. Way too expensive. I figure if I lay it down, I can fix it cheaper than one year's worth of collision coverage. If I total it, well I might be totalled as well.